GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
350 S Main St, Kenton, OH
| Tenant / d/b/a | Village Variety |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Aug 29, 2008 |
| Lease expiration | Aug 31, 2031 |
| Remaining term | 5.2 yrs |
| Lease term (months) | — |
| Annual base rent | $54,373 |
| Base rent $/SF | $16.63 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jan 01, 2031 |
| Year built | 2001 |
| Building SF | 3,270 |
| Land area (acres) | 0.75 |
| Pre G&A CFC | 3.37x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 8,227 | 8,227 |
| Households | 0 | 3,588 | 3,588 |
| Pop. density (/sq mi) | 0 | 291 | 105 |
| Avg HH income | — | $60,914 | $60,914 |
| Poverty rate | — | 20.1% | 20.1% |
| Bachelor's+ | — | 15.8% | 15.8% |
| Median home value | — | $107,690 | $107,690 |
| Median rent | — | $672 | $672 |
| Median age | — | 41 | 41 |
| Owner-occupied | — | 68.9% | 68.9% |
350 S Main St is a 3,270 SF convenience store and gas station operating under the Fas Mart banner in Kenton, Ohio, a small nonmetro county seat with modest economic fundamentals. The property carries a Location Grade of 40 out of 100, reflecting a competitive site environment, thin population density, and below-average household incomes. The investment thesis rests primarily on the lease credit rather than location quality.
The primary trade area is anchored by a 3-mile population of 8,227 residents with average household income of $60,914, median home values of $107,690, and a poverty rate of 20.1%. These figures reflect a working-class rural catchment with limited organic growth potential. Population at the county level has declined approximately 1.0% from 2020 to 2024, signaling ongoing demographic headwinds.
Hardin County is classified as a nonmetro urban market with 30,402 residents and an unemployment rate of 4.7%. The local economy supports 6,298 total employees across 428 establishments, a modest base with limited diversification. County population contraction and the absence of a metro anchor diminish long-term demand drivers for convenience retail.
The site benefits from immediate proximity to a major road, sitting 0.01 miles from the nearest arterial, and earns a Walk Score of 79 indicating strong pedestrian accessibility for a market of this size. However, with 11 competing gas stations within one mile, the competitive density is elevated relative to the trade area's underlying population. Daytime employment within one mile totals just 2,495 workers, constraining impulse-driven fuel and convenience sales.
The property sits within FEMA Flood Zone AE, a high-risk designation carrying a 1% annual chance of flooding, which introduces ongoing insurance cost and lender financing considerations. Five competing gas stations within half a mile represent direct pressure on fuel volume and merchandise capture. The absence of EV charging infrastructure within five miles offers a temporary reprieve but does not address the long-term secular shift in energy consumption.
With 5.2 years of remaining term expiring August 2031 and one renewal option remaining, a buyer faces a near-to-medium-term rollover event with notice required by January 2031. Current rent of $54,373 annually at $16.63 per square foot is modest, and the absence of disclosed rent at expiration limits visibility into renewal economics. The lease guarantor, GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator with roughly 3,500 locations, provides meaningful institutional credit support that partially offsets location and market weakness.
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